Affiliate Marketing
Affiliate marketing is a performance-based marketing strategy whereby a company rewards individuals or other businesses (affiliates) for driving sales. Affiliates earn a commission or a predefined reward for each customer they bring through their efforts.
In 2023, global affiliate marketing was a US$13 billion industry, and projections for 2024 suggest a continued upward trajectory of 10% year-over-year growth. Although affiliate marketing has long been associated with B2C, it has been on the rise in the B2B space.
#FunFacts:
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Nearly 19% of affiliate marketers work in the B2B space.
- 12% sell B2B products.
- 6% sell B2B services.
The key to affiliate marketing is a shared vision and purpose between two platforms. It’s not merely about entering into partnerships for the sake of sales but rather a strategic alliance that echoes and supports your business objectives. The challenge lies in carefully vetting potential partners to ensure alignment with your brand’s goals and fostering meaningful engagements that contribute to a mutually beneficial relationship.